So, will there be a fintech equivalent of Spotify that will upend the business model of retail financial services? That is why banks are highly regulated and non-banks can’t offer banking services. In MENA, financial regulators are embracing the advantages of digital banking. The FIT programme includes a new financial cloud, eKYC and open finance platforms. The building blocks of digital banking are in placeAs things stand, digital payments and digital banking are still a work in progress in the MENA region, but the building blocks are there.

Source: The North Africa Journal July 04, 2023 13:04 UTC